Monthly Archives: May 2010

Considering Bankruptcy? Lindsay Lohan may beat you to it!

By doug | Published: May 28, 2010

If you are having a tough time financially, file this in the “misery loves company” folder. Actress and bon vivant Lindsay Lohan apparently owes $600,000 on her credit cards and can’t even pay her rent. Add to that a reported drug abuse problem and a decline in demand for her acting services, and the outlook […]

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Baseball and bankruptcy: Texas Rangers go belly-up while looking for new owner

By doug | Published: May 27, 2010

The Texas Rangers filed for bankruptcy on Monday, making them the only current major league baseball franchise  seeking court protection from creditors. The Chapter 11 filing was pre-planned, seemingly with the intention of clearing the way for a sale of the team to a new ownership group that includes former Ranger and Hall of Famer […]

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What will bankruptcy do to your credit rating?

By doug | Published: May 26, 2010

One of the most common questions bankruptcy lawyers get is some version of “what will a bankruptcy do to my credit rating?” Surprisingly, there is no real answer to the question, as the client is really asking me for a prediction, not a legal or practical opinion. It is just like asking if the Red […]

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What not to do when hiring a bankruptcy lawyer

By doug | Published: May 25, 2010

Missouri bankruptcy attorney Wendell Shark has written a great post on what not to do if you are thinking of hiring a bankruptcy attorney. Among his no-no’s are: 1. Holding back on information during an initial consultation. Lawyers are trained to help get people out of jams when they can, but are basically powerless to […]

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When do Chapter 13 plan payments start?

By doug | Published: May 24, 2010

Debtors who file consumer bankruptcy cases under Chapter 13 are usually attempting to “dig themselves out of the hole” by making regular payments to a bankruptcy trustee, who, after deducting a commission, will distribute the funds to help pay creditors. Once these debtors file a case, or right before they intend to file, they may […]

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Don’t think your bank is your friend when you file for bankruptcy

By doug | Published: May 21, 2010

California bankruptcy guru Cathy Moran makes a good point: although many consumers have personal relationships with their banks, and sometimes some good feeling for the institution, your bank is not necessarily your friend when you are filing for bankruptcy. The principal problem is that banks have a legal right of “setoff,” meaning that they can […]

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You can get a co-debtor stay through bankruptcy

By doug | Published: May 21, 2010

A chapter 13 bankruptcy filing often contains several advantages over a conventional chapter 7 case, one of which can be the use of the “co-debtor stay” that chapter 13 allows. First, a bit of legal jargon. Filing any bankruptcy case creates an “automatic stay” concerning collection efforts against the debtor. It is this provision that […]

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Credit card companies at it again!

By doug | Published: May 20, 2010

If you were wondering why not a lot of people feel sorry for credit card issuers, and their problems with individuals filing for bankruptcy on their accounts, look no further than the companies latest attempt to get around reform legislation. A law that went into effect earlier this year requires credit card companies to credit […]

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In Massachusetts, foreclosures track bankruptcies and post large increase

By doug | Published: May 20, 2010

Hard on the heels of the news that bankruptcy filings in Massachusetts soared in the period ending March 31, comes the kicker — foreclosure rates in the state swelled almost 80 percent in April. This didn’t surprise housing advocates and professionals, who are seeing more homeowners struggling to pay mortgages because they have been out […]

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Bankruptcy filings soar in Massachusetts

By doug | Published: May 17, 2010

The news is in — bankruptcy filings in Massachusetts and in the nation as a whole are going up. Way, way up. The federal court system counted a 30 percent increase in bankruptcy filings in Massachusetts for the 12 months ending on March 31st. Nationally, a 27 percent increase was recorded. What should anyone make […]

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